In papers filed in federal bankruptcy court here, Smith Corona of Cortland, N.Y., listed $12.3 million in assets and $14.3 million in debts. It had reorganized once before, after a Chapter 11 filing in 1995.

Carolina Wholesale of Charlotte, N.C., said it planned to keep alive the Smith Corona name, products and services. The company has agreed to pay an estimated $6 million in cash for the assets, Smith Corona said.

Burdened with old technology, Smith Corona switched to newer products like electronic typewriters, word processors and accessories, and emerged from bankruptcy protection in 1997. But its sales continued to lag behind those of computer makers, dropping to $43.7 million last year compared with $77.3 million in 1997.

Smith Corona now sells seven electronic-typewriter models and other products including wireless phone, copier and fax equipment. The company stopped manufacturing products in 1997 and now has them made by third parties. It has about 40 employees in New York, California, Puerto Rico and the Netherlands.

Smith Corona's stock listing was removed from the Nasdaq composite index last month.